FIFO and LIFO Costs Under Perpetual Inventory System The following units of a particular item were available for sale during the year: Beginning inventory Sale First purchase Sale Second purchase Sale The firm uses the perpetual inventory system, and there are 12 units of the item on hand at the end, of the year a. What is the total cost of the ending inventory according to FIFO? 29 units $43 19 units @ $60 28 units @$44 16 units$60 11 units @ $47 21 units @$60 b. What is the total cost of the ending inventory according to LIFO